OUTSIDE MARKETS SUMMARY:
| CORN: | 14 Lower |
| SOYBEANS: | 19 Lower |
| SOYBEAN MEAL: | $4.50 Lower |
| LIVE CATTLE: | $2.32 Lower |
| DOW JONES: | 293 Points Higher |
| NASDAQ: | 459 Points Higher |
| CRUDE OIL: | $1.68 Higher |
MIDDAY MARKET UPDATE:
The block cheese price increased 0.25 cent to close at $1.4225 with 7 loads traded. The price initially declined to $1.4075 before buying interest became more aggressive, moving the price back to positive territory. The barrel cheese price remained unchanged at $1.4800 with no loads traded. The dry whey price remained unchanged at 68.50 with no loads traded. Class III futures are 1 cent lower to 14 cents higher. The butter price increased 5.00 cents to close at $1.7000 with 2 loads traded. There were 3 unfilled bids and 26 uncovered offers. This would suggest there is limited upside potential. Grade A nonfat dry milk jumped 10.00 cents to close at $1.6975 with 22 loads traded. There were 10 unfilled bids and 10 uncovered offers remaining at the close. Class IV futures are 5-96 cents higher. Butter futures are 1.77 -- 4.50 cents higher. Dry whey futures are 0.50 -- 0.75 cent higher. Cheese futures are 0.90 cent lower to 1.50 cents higher. Nonfat dry milk futures are 1.50 -- 7.67 cents higher. USDA will release the May Agricultural Prices report today, providing most of the prices used to calculate income over feed for the Dairy Margin Coverage program.
